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Shiba Inu price analysis: SHIB further devalues at $0.00001079 after bearish run

Shiba Inu price analysis: SHIB further devalues at $0.00001079 after bearish run
TL;DR Breakdown
  • Strong resistance at $0.00002764.
  • The trading price of SHIB is $0.00001079.
  • Shiba Inu price analysis is bearish today

Today’s Shiba Inu price analysis displays a bearish movement in the market, and the market moves towards a negative direction, declining the price of SHIB significantly. After that, however, the cost of SHIB experienced a crash and decreased to $0.00001122, from $0.00001667; on May 11, 2022, SHIB/USD lost further momentum and obtained a massive decreasing movement the following day.

Today, on May 12, 2022, the price has been experiencing a massive downtrend, causing the price of SHIB to remain under the $0.00001400 mark. Furthermore, the cryptocurrency shows downside risks and is following a downward trend. SHIB currently trades at $0.00001333 and has been down 27.03% in the last 24-hours with a trading volume of $1,904,430,611. SHIB currently ranks #17 with a live market cap of $6,066,887,053.

SHIB/USD 4-hour analysis: Recent developments

Shiba Inu price analysis revealed the market following a solid bearish trend. However, the market volatility increases, forcing the resistance and the support to move apart, making the cryptocurrency’s price more prone to volatility fluctuations. Consequently, the upper limit of the Bollinger’s band is present at $0.00001901, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00001021, which acts as the strongest support point for SHIB.

The SHIB/USD price appears to be crossing under the Moving Average curve, making the market bearish. Therefore, the market shows immense reversal opportunities and possibly favors the bulls. The price is expected to shift toward an upward movement due to the current movement towards the support, as the price attempts to break the support soon.

image 198
SHIB/USD 4-hour price chart source: TradingView

Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 22, making SHIB/USD fall in the devalued region. However, the RSI follows a linear trend indicating a dormant market and equivalent buying and selling activities. The RSI is expected to shift to an upward movement as it has stayed under the threshold for some time now.

Shiba Inu price analysis for 1-day: Market breaks

Shiba Inu price analysis has revealed a bearish market. Moreover, the market’s volatility appears to follow an increasing trend, making Shiba Inu’s price more vulnerable to volatility fluctuations. As a result, the upper limit of the Bollinger’s band is present at $0.00002764, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00001230, which acts as another resistance point for SHIB.

The SHIB/USD price appears to cross under the curve of the Moving Average, signifying a bearish movement. On the other hand, the price seems to follow a downward activity, showing a constantly increasing market. Finally, the price has broken the support, causing a breakout in the market. The market dynamic will be shifted in the bulls’ favor and prove to be a silver lining.

image 197
SHIB/USD 1-day price chart source: TradingView

Shiba Inu price analysis reveals the Relative Strength Index (RSI) score of 24, signifying a devalued cryptocurrency. Furthermore, the RSI falls in the undervalued region. Therefore, following a downward approach signals declining characteristics and represents the selling activity dominating the buying activity, causing the RSI score to decrease.

Shiba Inu Price Analysis Conclusion

Shiba Inu price analysis reveals the market to have entered a complete bearish movement, showing room for future depreciation of Shiba Inu. Furthermore, the bears currently dominate the market and are likely to maintain it. As a result, the market offers massive room for further declining activity, which could destabilize SHIB and lose more value. However, since the market is broken, we can assume that the bulls will take care of the market soon.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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